Alibaba Cloud, the cloud computing unit of Chinese heavyweight Alibaba Group Holding Ltd, announced on Wednesday that it was cutting the price of its core products by 15 to 50 percent, marking the biggest price cut in the company's history.

The price of its storage products will be slashed by up to 50 percent, as part of its broader push to expand user base and improve its proportion in the cloud computing market.

Cloud infrastructure services expenditure on the Chinese mainland grew 10 percent year-on-year to $30.3 billion last year, according to market consultancy Canalys. Alibaba Cloud led the cloud infrastructure services market, taking up 36 percent of total spending, followed by Huawei Cloud, Tencent Cloud and Baidu AI Cloud.